Nigerian govt reveals what will happen to tax debtors after March 31

Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, has advised prominent Nigerians with tax liabilities to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) before it is too late.

Fowler told newsmen in Lagos that VAIDS offers all categories of tax debtors the opportunity to regularize their tax status.

He warned that failure to take advantage of the tax amnesty programme, which ends on 31 March, 2018, will attract a number of sanctions.

Fowler said after the deadline, defaulters will face payment of penalties and interests on owed taxes, tax audits and prosecution.

He also stated that neither President Muhammadu Buhari, who nominated him as FIRS Chairman, nor Vice President Yemi Osinbajo, who heads the Federal Government Economic Team, has given instructions that that tax-owing influential Nigerians be treated differently.

Fowler warned that the government is ready, willing and able to take tough actions against individuals and corporate entities who neglect to take advantage of VAIDS.

“I am a nominee of the President. I was confirmed by the Senate. We work with the Vice President who is the head of the Economic Team, and the Federal Ministry of Finance.

“We have not been instructed to avoid, on account of political or corporate position, taking necessary actions to recover taxes.

“I do not think it will happen. VAIDS is for all Nigerians old enough to pay tax. It will speed up development of the country,” said Fowler.

The FIRS boss however commended Nigerians with tax liabilities who have been approaching the FIRS and state revenue authorities to express their intention to declare their income for the purpose of VAIDS.

He stated that tax authorities are in possession of huge volumes of transaction and financial data obtained from banks, payment platforms and government agencies.